Did you lose money investing with Louis Miller (CRD# 3054955)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Louis Miller. If you suffered losses investing with Louis Miller, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of June 30, 2020, Louis Miller’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 6/30/2020: According to FINRA’s December 2019 Disciplinary Actions:
Louis Mark Miller (CRD #3054955, Syosset, New York)
October 14, 2019 – An Offer of Settlement was issued in which Miller was barred from association with any FINRA member in all capacities. Without admitting or denying the allegations, Miller consented to the sanction and to the entry of findings that he failed to provide documents and information and appear for on-the-record testimony requested by FINRA in connection with its investigation into allegations that he improperly exercised discretion in customer accounts without prior written authorization. (FINRA Case #2017056829901, Complaint, Order)
Current and Previous Registrations
11/08/2013 – 12/22/2017 LPL FINANCIAL LLC (CRD#:6413) JERICHO, NY
07/01/2003 – 11/08/2013 WELLS FARGO ADVISORS, LLC (CRD#:19616) MELVILLE, NY
05/18/1998 – 07/01/2003 PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471) NEW YORK, NY
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
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